Siegfried Wolf Leaves Magna

In what may be the unexpected executive change of the week, Siegfried Wolf, the co-chief executive officer for American manufacturer Magna announced he resigned as a director and chief executive officer and will only be with the company which he led through last year's turmoil until November 15. After Wolf's departure, Donald Walker will remain the single Magna CEO.

"On behalf of the Board, management and Magna's employees, I would like to express our appreciation for Sigi's major contribution to Magna's success over the years, including in establishing our strong presence in Europe,” Magna's founder Frank Stronach said in a release.

According to an official statement from Magna, Wolf will take a position with OJSC Russian Machines, a division of Basic Element. This is not the first involvement Wolf has had with the Russian industry this year.

In April, Wolf has been appointed chairman of Russian truck maker GAZ. At the time, it was announced that he will also retain his position within the American supplier. It would appear however that the Russians managed to get the executive's entire attention.

"I have the utmost respect for Magna and the culture and principles that Frank Stronach has instilled,” Wolf said when announcing his departure.

“While I look forward to this new challenge with Basic Element, I intend to remain a friend and strong supporter of Magna and have no doubt that it will continue to succeed under the guidance of Don and the rest of the executive management team."

“I also look forward to potential future opportunities to work together with Magna in connection with Magna's ongoing expansion strategy in Russia and the important role that I am sure it will play in the development of the Russian automotive industry."